Bitcoin TA Update
It's all in the stars, ahem, charts that is, and BTC looks like a very decent, low risk, high reward, buying opportunity, that could always go lower, of course, you know, like they say, anything can happen and nothing's guaranteed, but the truth be said, I have a hard time finding anything bearish here.
So if that's the range, and we're trading at the lower end, and there's very possible long term uptrend support nearby, wouldn't this be the equivalent of buying low?
Read the "The Dos and Don’ts" here if you're not aware of my rules.
Well, a lot can happen in this market. I was expecting that last month we will see bitcoin over 10k and it wouldn't go any lower, but here we are.
If things go as slow as right now, we might only see some serious moves by the end of the year. This might be a slow year for cryptos, because it seems like every single time a positive light comes out, something negative happens and it takes a big hit.
I do hope that we will start seeing some nice prices really soon like bitcoin going 12k and more, but it doesn't really seem to be likely because any kind of bad news reflect on the prices heavily. We need something huge to happen for the prices to skyrocket.
I think your view is very reasonable and tend to agree with you. Nevertheless, as I always say, I think the surprises will be to the upside and not the reverse. So even though it could be slow for awhile, it's a good time to get positioned (if you're not already) because I think the long term downside is limited if you're involved in quality crypto.
@cryptographic,
I think you found the BTC range very well! Yeah I also feel it's bouncing between $7,500 - $10,000 in last couple of month! It didn't bearish more, that also mean anytime it might rise back! Probably to $30,000 - $50,000 level!
It's obvious, coz no matter how much bad news heard against BTC, it still hold it's ground! I assure you non-other coin can do that!
Cheers~
Yes, it's certainly holding strong.
You are completely right. So many great news when it comes to crypto. China easing on crypto, Soros (not that I like him) buying crypto and so on...However, I think this BART Head game is to scare as much people as possible. People get scared and many eventually sell. Since we have bitcoin futures on stock market exchange bitcoin is shortable especially by big investors. I was not too happy about it at that time. I remember when the futures opened bitcoin was at aroun 17k. These players (I believe institutions) with big money pumped the price of bitcoin to 20k. Then they started selling real bitcoin and at the same time they were shorting it. Until now they had enough to push the price lower and lower and also convince people to sell. Now you can see this weird very quick pumps and dumps. They are mostly doing it. It feels like it can’t go much lower and that’s where big money slowly accumulates as well. They can’t buy all at once. It’s a game, the game of patience. Let’s get this hot potato play time over with and finally start the new uptrend. I wouldn’t do this crazy day-trading for anything. Up and down, up and down... anyone thinks it’s great to day trade? I’ve learned my lesson in the past and it’s in most cases not only nonprofitable, it’s also very very stressful including sleepless nights. Eventually it will break one way or another. If that breaks to the downside (I’m talking about your red/purple line), I can guarantee you, it will scare the hell out of people. Perhaps that’s what we need, to get rid of these up & down speculators as well as weak hands. On the other hand if we break that midline of Bollinger bands, then head for 50DMA, then go for this resistance of reversed H&S or 200DMA. And then finaly to your resistance, just like you mentioned at around 12k. That is lot of resistance!...If we break all of these lines with strong volume, it will become a very solid support. That’s what we need. I can guarantee you, no one including institutions would sell. It’s about time to get it finally solved. Right now it’s still a game of patience.
No doubt about it that crypto is slowly but surely moving into the hands of professionals. The days when amateurs like myself could make good money swing trading (not day trading: I didn't even try that in the heydays of crypto P&D - as you say, it's harmful to your financial health) are long gone I think. It's a long term speculative play now, IMO. Buy and hold, and now is perhaps one of the last times to get in cheap, or relatively cheap anyway.
I should tell that it is now o never...but you never know, there are many variables that play a role to predict the market movement...
Anyway I'm stick to my plan I think it is aligned with yours:
https://steemit.com/bitcoin/@toofasteddie/bitcoin-on-its-way-to-break-the-long-term-resistance
Steem on!
Now or never it very well could be, that is if what we're talking about is buying at a good price. 😉
The market is in a weird spot right now, none of the possible events that everyone was predicting would cause a bull run caused a bull run, the TA is all good but there seems to be fud in the air, specially for new investors but there's also some good news around the European union regarding cryptocurrencies in general not only bitcoin, but if you want to trust the TA, its pretty attractive looking.
We may be closer than you expect to that 12k level, especially since Mr. Cocaine hpmf, i mean John McAfee is running for president, he will bring the crypto to the masses and will replace old mighty Roger Ver as the new crypto Jesus!
I think @milano1113 describes the situation quite well (see comment a little further above). Even though the underlying fundamentals are bullish, and the charts look strong, negative price action could persist for a while longer. @trendo says pretty much the same thing in a different way. Nothing seems to get a fire lit under these quality issues. That having been said, price is holding up fairly well across the board, or at least that's what the TA is telling us. Patience is the key word I think we all agree on.
Wow his comment is pretty good and on point, I agree with him regarding how the institutions and big money pumped the price of bitcoin too early to take advantage of the futures market and I guess the professionalization of teasing, at least on the top coins is not a bad thing, there will still be room for wild gains on the alt coin market and new promising ico with good backing.
No matter whether we brake this long therm support or not, it’s great time to be adding to portfolio. That’s exactly what I have been doing. As a long therm investor, I see this as once in a lifetime opportunity. Not so long ago we were at 20k. There were many downtrands like this, some people took advantage of it, some hesitated. When would it be a great time to buy crypto for long therm investor if not now? If we break that significant support, we all know what will happen. Most people are not ready, People will panic. And because I’m, we are ready for this, we won’t panic. We will buy whoever can. If we bounce and eventually break all these MA’s and eventually at $12000 “someday” I don’t believe we will look back. It may come back a bit, but At the end it will take of just like it did in the last bull run. Just like I mentioned weather we break or not, long therm it’s still an uptrend.
I agree with you 100%. The long term risk/reward is extremely favorable in my view, and yes, we could see a "panic" shakeout, but long term things will turn higher again, and even though there will be back filling along the way, I think like you that there will be no looking back.
Risk/Reward is the best it has been in a good while despite the downtrend. I think BTC has found a base and is only now battling with the issue of volume which has been stagnating lately. Volume would be the only bearish indicator as it will be needed to breakthrough the various resistance levels above $7,750. However, it could also be an indicator of the lack of sellers.
I agree. It's highly likely BTC is basing, but that's not to say that a dip into the abyss can't happen (as you and many others have said before). I too would like to see volume pick up on rallies. Volume is one of the oldest and most watched of indicators. However, volume isn't necessary, as AAPL has clearly demonstrated over the years. I think what is fundamental is the initial sustained surge in volume clearly showing a period of general market acceptance, and then price can rise without huge surges given the long term shift in psychology. Another factor to consider is that as price goes up, unit volume can fall without the real USD volume necessarily following: the same amount of dollar volume would equal only half of the share trading if the price doubles and USD volume remains constant, for example. AAPL share trading today is 1/10 what it was 10 years ago, but the average dollar volume is roughly the same.
In my opinion, BTC will be reach and break that $12k mark.
Without a doubt.
It's just a matter of time.
But, I'd still like to buy some more, so these low prices are great for me.
I'm waiting for my paycheck so I can buy up some more.
I'm not an expert in TA, but it has shown to be a self-fulfilling prophecy, so I'll definitely listen to some of you guys.
But, I'm waiting for the end of the year.
If the pattern continue again, it'll start going up by the end, and drop again after the Chinese New Year.
Not a question of IF, but WHEN. 😁
But I wouldn't be so sure about future seasonal patterns necessarily following past patterns. When something is tremendously bullish and the surprises are to the upside, rallies during what were once weak seasons are what leave many behind.
It's been six months with the bear run.
What we now have is great news coming all across from the cryptosphere. Governments now have some idea (not complete) that cryptos are not bad for the economy. There is money to be made. People are waiting to jump in.
All good reason for a decent bull run to start. I think we might carry on a bit in the same pattern before shooting upwards.
The warming up of governments to crypto is a very welcomed development that can only further, and perhaps even speed up mass, adoption.
Thanks for TA update, charts looks really nice. There has been talk of the market maturing in the coming days and on the fundamental side, that is only going to help the investors. We have been seeing some big names like Nasdaq and Goldman entering or planning to enter the crypto markets in the short to medium term and that is only going to add value to the markets during this period so more good things are coming to the market. There is no chance of loss if we invest in good coins.
Important people and institutions are getting their feet wet, and, I agree, this is just getting started.